The real thing I can't get my head around with BitCoin is that, at least in theory, real-world currencies are backed by force of arms. I know they're kind of a

The real thing I can't get my head around with BitCoin is that, at least in theory, real-world currencies are backed by force of arms. I know they're kind of a consensual hallucination, but it's one backed by hegemonic power: the pound coin I've got here is guaranteed to be good to settle debts I have with the UK government. So why is a BitCoin worth anything? It's scarce, but what utility does that scarcity have without some entity who guarantees to convert it into goods or services?